Empyrean shares (LSE:EME) are not really empyrean right now. They are bound to go southward – something that the misguided bull does not want to hear. It is not an insult to say: “I know how my acquaintance behaves.”
I once said the shares should be dumped! But I think it could be shorted for profits. The price is now out of balance, and there are more sellers than buyers. Neophytes are now willing to buy from smart traders who sell in the context of a downtrend. All the exponential moving averages (periods 10, 20, 50 and 200) on the chart testify to a southward determination. You see, the first thing is to check what the price of an instrument is doing. Should it move upwards, then buy the relevant instrument (and vice versa for a downwards market like Empyrean). The major bias will, in most cases, help your orders. Then when in southward biases, the instruments with the best stamina (with good news around them) may even be subject to bearish corrections.
This article is ended with the quote below:
“…Many traders think that they are the greatest if they happen to have a lucky streak or when there are signs of the first few strings of successes. But as soon as you think as a trader that you have what it takes, along comes the market and knocks you to the ground.” – Merlin Rothfeld
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
For more articles, go to: http://www.advfn.com/newspaper/authors/azeez-mustapha
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